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Japan's net external assets hit record 3 tln USD in 2023

TOKYO, May 28 (Xinhua) -- Japan's net external assets rose to a record 471.31 trillion yen (3 trillion U.S. dollars) in 2023, up 12.2 percent from a year earlier, as a weak yen inflated the value of foreign stocks, bonds and other holdings in yen terms, government data showed Tuesday.

With the figure increasing for a sixth straight year, Japan retained its position as the world's largest creditor for the 33rd straight year in yen terms, followed by Germany and China as of the end of 2023, according to the Ministry of Finance.

Gross external assets, held by the Japanese government, companies and individual investors, rose 11.1 percent to 1,488.34 trillion yen, while external debt went up 10.6 percent to 1,017.04 trillion yen, the ministry said.

The yen was 7.0 percent weaker against the U.S. dollar in 2023 than a year before. A sharp drop in the yen became a source of concern for importers and households as it inflates the costs of imported energy and raw materials, but also boosts overseas profits for Japanese exporters and the value of foreign assets such as stocks and bonds in yen terms. (1 yen equals 0.0064 USD)